Australia’s biggest plastics packaging manufacturer Pact Group has appointed Malcolm Bundey to replace long-serving managing director and CEO Brian Cridland, who will retire next year. Bundey is currently president and CEO of US-based Graham Packaging, a US$3 billion global rigid packaging company owned by The Rank Group.
Bundey held several senior executive leadership positions for The Rank Group in both Australia and the US since joining the group as CFO of Goodman Fielder in 2003 and transferring to the US in 2007 to undertake M&A activity. In a statement, Pact Group said the appointment was effective 1 December 2015, following the relocation of Mr Bundey and his family from the US. Incumbent MD and CEO Brian Cridland will continue in those roles until 1 December 2015.
Group chairman Raphael Geminder said he was delighted with the appointment.
“We look forward to an exciting new chapter, as Pact Group continues its journey growing the business domestically and abroad,” he said. “Brian and I have had a great relationship over a long period of time, he is incredibly loyal and a very strong leader, with a tenacious focus on detail. I am thrilled with Mal’s appointment and very proud of our ability to bring home such a highly qualified and successful Australian executive. Mal has a unique and very diverse global packaging skill set, combined with an international overlay that will compliment and enable him to continue Brian’s legacy and lead Pact Group’s global aspiration and transformation.”
Cridland managed the Pact Group business from the initial acquisition of the Industrial Products Division of Southcorp Packaging in 2002, through its successful $649 million listing on the ASX in December 2013 to now. Cridland will be retained by the organisation until April 2016, to ensure an orderly transition of leadership, before commencing his retirement.
Bundey will be paid a $1.2 million base salary and will be able to double that amount if he meets incentive targets.
Pact reported a profit of $67.63 million for the year to June 30, up more than 17% on the previous year. Revenue grew by 9.3% to $1,249 million, underpinned by new sales from acquisitions and favourable currency movements.